Copper 2nd largest in the world () has severely degraded in the last 12 hours after the successful upgrade of The Merge.

Price fluctuations of the dong market leader at 09:25 AM on September 16, 2022. Source: Coin360

On the morning of September 16, price At one point, it fell to $ 1,446, down to 12.6% from the peak of $ 1,655 yesterday morning. This is the lowest price recorded since August 28, removing the bullish momentum gained thanks to The Merge.

15m graph of pair ETH/ on the floor at 09:25 AM on September 16, 2022

The main cause of the obvious drop is that The Merge has been successful, so investors have no incentive to continue holding. ETH more because upgrading won't bring any significant changes to next time. The next milestone to keep an eye on will be a period of 6-12 months after The Merge, when the Shanghai upgrade will unlock the amount of ETH locked in the staking contract. 2.0, creating a new selling pressure.

In addition, Chairman information threatens to see Ethereum as a "security" because The Merge also more or less makes investors less optimistic about ETH's prospects. Another reason for ETH's devaluation is the emergence of forks that maintain Proof-of-Work, which has drained some of the value of Ethereum.

In the last 24 hours, the amount of derivative orders liquidated on the market reached $ 288 million, but ETH accounted for more than half with $ 167 million burned, completely overwhelming. and other coins. In which, the proportion of long orders accounts for more than 70%.

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The value of cryptocurrencies liquidated in the last 24 hours, data taken from Coinglass at 09:25 AM on September 16, 2022

On the evening of September 15, it also sometimes dropped to $ 19,497, the lowest value level since September 9. In front of eyes and the whole market will be the next rate adjustment of the Fed on September 22. After the news that inflation in the US in August decreased but was lower than expected, along with the core CPI still increasing, observers are worried that the Fed will maintain an interest rate hike of 0.75% or even increase it. be strong” 1% to be able to control inflation.

15m graph of pair / on the floor at 09:25 AM on September 16, 2022

Other large-cap cryptocurrencies also only recorded a decrease of 2-5% over 24h, lower than Ethereum.

Conversely, coins that share the same mining algorithm with Ethereum that surged before The Merge such as Ethereum Classic (ETC), Ravencoin (RVN) and Beam (BEAM) are also returning what they took with a drop of up to 2 digits.

15m graph of the ETC/ pairUSDT on Binance at 09:25 AM on September 16, 2022
15m graph of the pair RVN/USDT on Binance at 09:25 AM on September 16, 2022
15m chart of the BEAM/USDT pair on Binance at 09:25 AM on September 16, 2022

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